Poloniex's taking money from its customers to cover its loss - page 2.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: countryfree on March 19, 2020, 06:56:41 PM

Maybe there's still some hope after all.

Yesterday, I've received a payment from Poloniex of 0.0047 BTC. Considering I've lost more than one BTC, that's nothing, but it's still a positive sign.
Other people going through the same fate have also received 0.0047 BTC.

I'm not sure what they're trying to do...

a small, flat payment obviously sucks for larger lenders. it might please lots of smaller lenders though. i think that's the goal. now they can say they fully repaid thousands of affected customers:

Quote from: PrimeNumber7 on March 20, 2020, 12:35:01 AM

It looks like they are expanding the revenue streams they are using to repay lenders who lost coin.

they are just reimbursing lending and trading fees, so if you don't actively use poloniex you get nothing back. tbh, it doesn't sound too promising.

PrimeNumber7

copper member

Activity: 1652

Merit: 1901

Amazon Prime Member #7

Quote from: countryfree on March 19, 2020, 06:56:41 PM

I'm not sure what they're trying to do...

Quote from: https://support.poloniex.com/hc/en-us/articles/360045172633

<>
Third, following the bulk payment next month, we will start reimbursing all future lending fees for impacted customers, until you are made whole. This reimbursement complements our existing policy of reimbursing all trading fees for impacted customers. Even though reimbursing trading fees may not be meaningful for all customers, we are committed to continuing it as many of you are actively trading on our platform and accelerating your repayment as a result.

Finally, in addition to the new reimbursement steps we have outlined above, we continue to work hard to pursue and recover the funds from defaulted borrowers. This is a challenging and lengthy process and we commit to sharing more information as it becomes available in the coming months.

It looks like they are expanding the revenue streams they are using to repay lenders who lost coin.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Maybe there's still some hope after all.

Yesterday, I've received a payment from Poloniex of 0.0047 BTC. Considering I've lost more than one BTC, that's nothing, but it's still a positive sign.
Other people going through the same fate have also received 0.0047 BTC.

I'm not sure what they're trying to do...

fratoshi

member

Activity: 294

Merit: 10

so many reports that Poloniex is a scam, i will say to withdraw all your coins and storage safe in your wallet instead of leaving them on a exchange that is not regulated anymore by the USA regulators. I have read many reports that Poloniex has been systematically locking accounts and that users after log in can see only a white screen, i had an account with them and i left some satoshi and they want me to send them my passport and other information to be able to withdraw but after the KYC leak of Binance i don't trust exchanges anymore.

Here some reviews of Poloniex on trustpilot, some are really bad *Stay Away*

https://www.trustpilot.com/review/poloniex.com

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

I've received a new email earlier today:

Reminder: Poloniex to Spin Out of Circle

Quote

Hello Poloniex Customer,

This is a reminder that Poloniex will be spinning out from Circle into a new company called Polo Digital Assets, Ltd. This new company will have the full backing of a major Asian investment group, who plans to spend more than $100M to develop and introduce new features, assets, and services for their global customer base.

We are incredibly excited to continue working with you and the rest of the global Poloniex community. We have a wide range of exciting new features and capabilities planned for the exchange...

So they're incredibly excited, but I'm not!
The one and only thing which would make me cheer up would be that the new Polo Digital Assets would pay back what Poloniex stole from me and thousands of other innocent people.

Note also that they're still hiding the name of the major Asian investment group which came to their rescue. If everything was neat and clear, there would be no reason to hide their name...

I still recommend to stay away from Poloniex, or Polo Digital Assets.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

One thing which surprises me is that Circle would be giving up on all non-US customers. That's a lot of folks!

Circle would remain an American company serving American people, but the people behind Circle could remain shareholders of a new company serving customers from the rest of the world.

PrimeNumber7

copper member

Activity: 1652

Merit: 1901

Amazon Prime Member #7

Quote from: countryfree on October 21, 2019, 11:51:22 AM

Quote from: PrimeNumber7 on October 20, 2019, 11:30:16 PM

Quote from: countryfree on October 20, 2019, 11:15:24 AM

We still aren't sure of what's happening. There are many questions.

1/ Has Circle totally dumped Poloniex, or does remain a shareholder in the new company?
2/ Those mysterious Asian investors, do they actually control the new company?
3/ 100 million $ new investments! Really? What for?

... To be continued...

The announcement uses the term "spinoff" which implies Poloniex will be an independent company.

The $100 million figure sounds suspiciously high, and I would not be surprised if this included the cost of buying the platform and/or capital to facilitate OTC trades.

Yes, independent company but the original shareholders may still have a part of it.

$100 million to buy the platform is very possible. So Circle, which bought Poloniex $400 million would have lost $300 million. Ouch!

I guess that if Poloniex really does have new owners, they will make themselves known soon. If there are no news, it will mean the same people will remain in control.

Legally, I believe this to be a distinction without a difference.

I also believe the deal hasn’t closed yet and probably won’t close for a couple of months. US customers are still able to trade on the platform and Circle has said they will maintain possession of US customers personal information. I would say the deal has probably not closed as long as US customers can still trade.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Quote from: PrimeNumber7 on October 20, 2019, 11:30:16 PM

Quote from: countryfree on October 20, 2019, 11:15:24 AM

We still aren't sure of what's happening. There are many questions.

1/ Has Circle totally dumped Poloniex, or does remain a shareholder in the new company?
2/ Those mysterious Asian investors, do they actually control the new company?
3/ 100 million $ new investments! Really? What for?

... To be continued...

The announcement uses the term "spinoff" which implies Poloniex will be an independent company.

The $100 million figure sounds suspiciously high, and I would not be surprised if this included the cost of buying the platform and/or capital to facilitate OTC trades.

Yes, independent company but the original shareholders may still have a part of it.

$100 million to buy the platform is very possible. So Circle, which bought Poloniex $400 million would have lost $300 million. Ouch!

I guess that if Poloniex really does have new owners, they will make themselves known soon. If there are no news, it will mean the same people will remain in control.

PrimeNumber7

copper member

Activity: 1652

Merit: 1901

Amazon Prime Member #7

Quote from: countryfree on October 20, 2019, 11:15:24 AM

We still aren't sure of what's happening. There are many questions.

1/ Has Circle totally dumped Poloniex, or does remain a shareholder in the new company?
2/ Those mysterious Asian investors, do they actually control the new company?
3/ 100 million $ new investments! Really? What for?

... To be continued...

The announcement uses the term "spinoff" which implies Poloniex will be an independent company.

The $100 million figure sounds suspiciously high, and I would not be surprised if this included the cost of buying the platform and/or capital to facilitate OTC trades.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: countryfree on October 20, 2019, 11:15:24 AM

We still aren't sure of what's happening. There are many questions.

1/ Has Circle totally dumped Poloniex, or does remain a shareholder in the new company?
2/ Those mysterious Asian investors, do they actually control the new company?
3/ 100 million $ new investments! Really? What for?

... To be continued...

The details are scant so far, but I interpret "full backing" to mean that Circle is dumping Poloniex entirely. Jeremy Allaire will be out of the picture for good:

Quote

Today we are very excited to announce that Poloniex will be spinning out from Circle into a new company called Polo Digital Assets, Ltd. This new company will have the full backing of a major Asian investment group, who plans to spend more than $100M to develop and introduce new features, assets, and services for their global customer base.

In this saturated exchange market, this acquisition only makes sense if Circle is selling at bargain basement prices. I don't know what the hell they're planning to spend $100 million on, especially if they're pulling out of the US market. That number might be exaggerated. This is all future tense anyway; the deal isn't even done yet.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

We still aren't sure of what's happening. There are many questions.

1/ Has Circle totally dumped Poloniex, or does remain a shareholder in the new company?
2/ Those mysterious Asian investors, do they actually control the new company?
3/ 100 million $ new investments! Really? What for?

... To be continued...

FlamingFingers

sr. member

Activity: 1344

Merit: 288

I'm still trying to figure out why some people are still using Poloinex exchange, to me it's an outdated exchange, they did not make room for improvement, lots of complain from customers about the exchange, they've got no new good coin being listed. Still yet some people are still investing their hard earned money on this exchange

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: PrimeNumber7 on October 19, 2019, 11:18:06 AM

Circle announced that Poloniex is spinning out into a new company based in Asia (and backed by a new set of investors[?]). They announced there will be in excess of $100 million in investments in the new company’s platform. I am not sure how they would spend that much money improving the platform, but I would now find it unlikely that lenders will receive additional compensation.

I'm not sure how either, especially since they are pulling completely out of the United States -- no licensing or FinCEN compliance required.

It would only take 12-13% of that $100 million to make lenders whole, but I agree it's unlikely given the circumstances. Circle is obviously washing its hands of the situation, and it sounds like they're dumping Poloniex for cheap.

PrimeNumber7

copper member

Activity: 1652

Merit: 1901

Amazon Prime Member #7

Circle announced that Poloniex is spinning out into a new company based in Asia (and backed by a new set of investors[?]). They announced there will be in excess of $100 million in investments in the new company’s platform. I am not sure how they would spend that much money improving the platform, but I would now find it unlikely that lenders will receive additional compensation.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Quote from: milewilda on October 06, 2019, 06:28:56 AM

Quote from: countryfree on October 06, 2019, 05:26:42 AM

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

I cant still believe that there still people who do believe out into this exchange?
Following up https://medium.com/circle-trader and https://twitter.com/poloniex if ever they would post out some updates.
I would keep an eye to this thread to see on what you've got.

Thanks for your support.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: countryfree on October 06, 2019, 05:26:42 AM

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

I cant still believe that there still people who do believe out into this exchange?
Following up https://medium.com/circle-trader and https://twitter.com/poloniex if ever they would post out some updates.
I would keep an eye to this thread to see on what you've got.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

nejel

newbie

Activity: 12

Merit: 0

120 days passed from the day Poloniex stole 1800 BTC from it's customers to cover it's losses incurred in CLAM price crashes caused directly by it's incompetence and poor management. They announced that they are "committed to making lenders whole, come hell or high water" but I received only one 10% repayment 112 days ago and not a single satoshi after that. Beware of Poloniex!

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Quote from: almightyruler on September 08, 2019, 09:48:48 PM

I'm not game to actually try to use their lending system, but I don't recall seeing the Lend link next to my CLAM balance since the "incident". My memory may have failed, though.

If they are indeed lending CLAM again it could be potentially risky, since CLAM has been in maintenance for around a month... no deposits or withdrawals. It's essentially a virtual token at the moment.

So Poloniex could be even worse that I thought!
I sure don't want to test it, but if they have reinstated CLAM lending, they're mad. I wish I had discovered their madness before June...

almightyruler

legendary

Activity: 2268

Merit: 1092

Quote from: squatter on September 07, 2019, 04:07:27 PM

Quote from: almightyruler on September 06, 2019, 06:54:10 PM

Bit surprised to see the "Lend" link appears next to my CLAM balance on Poloniex. It also appears for BTS, FCT and MAID.

Does anyone know when margin trading was reinstated for those four cryptocurrencies? Is there anything official about this?

Have you actually tried to lend them or take margin positions in those markets? I wouldn't be surprised if they aren't functioning. Poloniex is known for weird glitches and a sloppy front end.

I'm not game to actually try to use their lending system, but I don't recall seeing the Lend link next to my CLAM balance since the "incident". My memory may have failed, though.

If they are indeed lending CLAM again it could be potentially risky, since CLAM has been in maintenance for around a month... no deposits or withdrawals. It's essentially a virtual token at the moment.

Topic: Poloniex's taking money from its customers to cover its loss - page 2. (Read 2558 times)